How Do You Plan To Stay Busy in a Down Market?
Fannie Mae is predicting a mild recession by the end of 2023, so it’s time to kick your networking skills up a notch and start securing more appraisal business!
Our updated forecast includes an expectation of a modest recession in the latter half of 2023 as we see a contraction in economic activity as the most likely path to meet the Federal Reserve’s inflation objective given the current rate of wage growth and inflation.
Image Source: https://www.fanniemae.com/research-and-insights/forecast/inflation-rate-signals-tighter-monetary-policy-and-threatens-soft-landing
There’s still work to do and income to generate, so dedicate time now to build up your pipeline and ensure that regardless of the interest rates or potential recession. Be proactive and prepare yourself for financial stability despite the state of the market.
Here are some of our favorite, simple strategies for growing your contact list:
Be part of a community! Several different appraisal networks and organizations across North America help appraisers connect with one another and further develop professional skills. National Association of Appraisers (NAA), Appraisal Institute, and the Association of Texas Appraisers (ATA) are just a few examples of well-recognized organizations that provide their members with unique networking and CE opportunities.
Work with non-lenders. Be open to diversifying the type of work you do. Many who experienced the 2008 slow down would agree that expanding your client base to non-lenders like attorneys, homeowners, real estate agents, and more can make a substantial difference in filling in the gaps when lender and refi work is down. We’ve heard appraisers bringing donuts to an attorney’s office with business cards and reaching out to homeowners in areas where taxes have increased to help them with tax appeals or FSBOs for pre-listing appraisals. Start strategizing and landing these orders now – before your peers. Don’t forget to update your website to include these services and the technology you use. Homeowners are impressed when appraisers walk in with their iPad. So, have the Anow app installed and use our Knowledge Base to get familiar with our inspection app, Walkthrough, and Nexus (which includes a non-lender form). Plus, you get paid upfront/faster by taking credit cards for these orders with Anow!
Establish yourself as a source of information. A great way to differentiate yourself from the competition is to show potential clients that you’re capable of offering more than just an appraisal report. Lawyers or real estate agents may not know how to read a 1004 or know where to look for specific details in an appraisal report; this is where you come in and go the extra mile. Help the recipient understand your scope of work, why it’s valuable, and what insights the report provides. People will start to see you as an industry expert and trusted advisor.
Build an online presence and make sure you’re easily accessible! It’s 2022, and we’re officially in the modern world. If you don’t have a website or online presence for your business, you need one. Something as simple as creating a Facebook Page for your company with contact info, your coverage area, and services offered is a great first step. If someone searches for “appraisers in my area” and your name doesn’t pop up when you’re local to them, you’re missing out on easy leads! Squarespace and GoDaddy offer simple and affordable solutions to building your website. Make sure to include the website address on your business cards and appraisal reports. You could even invest in a magnetic sign for your car that includes your phone number, business name, and website. You’ll be marketing your company while driving to inspections and comps.
Highlight the business processes that make you unique . Showcase the technology you use and how you’ve modernized your business for faster turn times and improved accuracy. Keep this layer as simple as possible with tools like Anow! You want to impress clients without overwhelming them. Show them how easy it is to work with you. Client Hub and Anow Walkthrough are great examples of tools designed to bring clients into the appraisal process. Another option is Anow Connect which comes for free with your Anow subscription. With Connect, you can easily embed your custom order link on your website so clients can order from you online, anytime. It makes you appear tech-savvy and modern without being overly complicated.
Connect with lenders directly. Although you don’t want to put all of your eggs in one basket, maintaining lender work is a great way to stay busy, even in slower times. Anow offers appraisers the chance to work directly with top lenders in the US on priority orders. This is an excellent opportunity to secure some extra work for yourself. Signing up and getting started is easy; click here to learn more.
- Fortune: https://fortune.com/2022/04/22/fannie-mae-moderate-recession-hot-housing-market/
- Fannie Mae: https://www.fanniemae.com/research-and-insights/forecast/inflation-rate-signals-tighter-monetary-policy-and-threatens-soft-landing
- McKissock: https://www.mckissock.com/blog/appraisal/top-appraisers-generate-new-business/